Banks, which are certified by SEBI, allows all investors other than QIBs to apply in IPO's using ASBA payment method, are known as Self Certified Syndicate Banks (SCSBs). SCSB's has capability to block the IPO Application amount until IPO allotments are done. SCSB guarantee the Issuer Company for the blocked money and make sure that it's not being used for any other purpose. Axis Bank is one of the SCSB registered with SEBI for providing this service to its customers.

All branches of the bank, at present, may not be activated for IPOSmart, however, this facility can be availed by any branch account holder, by visiting any of the designated branch of the bank. Or else an account holder can use Retail i-Connect (Axis Bank's retail net banking facility) to apply in IPOs through ASBA irrespective of the branch in which account is held.

In the existing IPO process, the physical application forms along with cheque are to be submitted with any of the Syndicate Members, who would bid with the stock exchange and deposit the cheques with the collecting banker to present the cheques in clearing. Hence, bid amount was debited from your account upfront. Under IPOSmart, the amount will be debited from your bank account to the extent of successful allotment at the time of allotment. Until such allotment, the amount will remain blocked in your Axis Bank account.

After the successful launch of ASBA Phase I and a good market response for the same, amongst the retail investors, SEBI decided to extend this facility to other categories of investors also. Under Phase II, the ASBA facility will be extended to investors like High Net worth Individuals, Bodies Corporates and NIIs (Non-Institution Investors) with option to give price bids and revise and withdraw their bids during issue period with effect from 1st Jan 2010.

ASBA is now not available to Qualified Institutional Investors.

Price Bids and Multiple Bids to all categories of investors will be permitted i.e. instead of a single bid at cut-off the investors will have a facility to quote price bids not more than three under ASBA. In addition to the application cancellation facility, the investors will now have the facility to revise or modify their bids. These facilities will be available to all categories of bidders including retail investors.

No document validating the category of investors is to be submitted with the SCSB.

Investors will be permitted to revise and withdraw their bids till bid closure time.

Under ASBA Mode from a single bank account for a particular IPO not more than 5 applications can be made.

If you are not a QIB you have to visit the nearest Axis Bank designated branch for applying for in the IPO through IPOSmart. It is not essential that you hold an account with that branch, but should hold an account with the bank.

Fill in details like upto three bids, account number, PAN, Demat account details etc. in the specially designed ASBA application form of the IPO you wish to apply in and submit it at the branch.

You will receive the acknowledgement from the branch along with the Unique Reference Number.

Subsequently, bank will block the amount on your highest bid in your specified bank account for the IPO as applied and send the application information to the designated stock exchanges for that IPO. In case of insufficient amount in your bank account, the bank will reject the IPO application and will not send the bidding to stock exchanges.

The registrar to the issue will receive the data uploaded by your bank in the electronic bidding system of the stock exchanges and will only check the correctness of DP-ID, Client ID /Beneficiary Number and PAN for weeding out multiple applications based on PAN. The Registrar will then complete the basis of allotment and the same will be approved by the designated Stock Exchange.

On receiving the approval, the Registrar will send to the Bank, information containing investor-wise details on allotment and non-allotment and the money that has to be debited to your account. Based on this file the bank will debit your bank account for the allotment money and will release the block on the remaining amount in the account.

Subsequent to this, the issuer will make the allotment and shares will be credited to your Demat account.

SCSB shall not accept any ASBA after the closing time of acceptance of bids on the last day of the bidding period.

SCSB shall give ASBA investors an acknowledgment for the receipt of ASBAs.

SCSB shall not upload any ASBA in the electronic bidding system of the stock exchange (s) unless it has received the ASBA in a physical or electronic form; and it has blocked the application money in the bank account specified in the ASBA or has systems to ensure that Electronic ASBAs are accepted in the system only after blocking of application money in the relevant bank account opened with it.

SCSB shall ensure that the details of a particular ASBA are uploaded only once in the electronic bidding system of any one of the Stock Exchange(s). SCSB shall be solely responsible for the completion and accuracy of all details entered/ uploaded on the electronic bidding system of the Stock Exchange(s).

In case of withdrawal/revision of bids by ASBA investors during the bidding period, SCSB shall ensure deletion of the withdrawn ASBA from the electronic bidding system of the Stock Exchange(s) and unblocking of funds only in case of whole application form withdrawal in the relevant bank account within the timelines specified in the ASBA process.

SCSB shall ensure that information about revision in the bidding period or price band, as and when received, is communicated and effected to in its systems promptly, for information of ASBA investors.

SCSB shall ensure that complaints of ASBA investors arising out of errors or delay in capturing of data, blocking or unblocking of bank accounts, etc. are satisfactorily redressed.

Registrar to the Issue shall act as a nodal agency for redressing complaints of ASBA and non-ASBA investors, including providing guidance to ASBA investors regarding approaching the SCSB concerned.

The Stock Exchange(s) shall ensure that an issue specific code is generated from the electronic bidding system, so that SCSBs does not face any problem in segregating the ASBA issue-wise.

In case of withdrawal of ASBA during the bidding period, the Stock exchange (s) shall provide the facility of enabling SCSBs to delete the ASBA from the electronic bidding system or mark the withdrawal individually against the original bid uploaded; or upload withdrawal of the ASBA in batch mode, in the electronic bidding system

Subject to valid Bids being received at or above the Issue size, under-subscription, if any, in any category would be allowed to be met with spill over inter-se from any of the other categories, at the sole discretion of the Company, the BRLM and subject to applicable provisions of the SEBI Guidelines.

Bidding time will be uniform for ASBA and Non ASBA applications. However, the applications have to be submitted with the designated branch during the banking hours and before 1 pm on issue closure date.

Bank will need the money in investor's account at the time of placing the bid for IPO shares through IPOSmart payment option. SEBI has clearly instructed that banks will not accept IPO application before blocking the bidding amount (for ASBA process). The amount will remain locked until registrar / stock exchange request bank to release the fund either because the investor didn't receive the allotment, IPO application got rejected or investor withdraw the IPO application.
However, in case of upward bid revision additional lien will be marked on the differential amount. Besides, in case of bid withdrawal, lien will not be released from the account.

Yes, you can place a withdrawal request anytime during the bidding period. Any request for bid withdrawal should be made during the banking hours and on or before 2 pm of the issue closure date and will be subject to acceptance of Stock Exchange after which the application amount in your account will be unblocked. Once withdraw, the blocked amount will be available in 1 working day.
Revision of bid request is also permitted under IPOSmart. In case of upward bid revision lien will be marked on the differential bid amount, however, in case of downward bid revision or bid withdrawal, lien on the previous highest amount will not be released.

An investor, who has received the common application form from the registrar of the company floating the rights issue, has the option of applying through ASBA at any of the designated branch of the bank. Rights issue is not available in Net Banking facility. The process is similar to that of IPO, where the applications are bid with stock exchange by the SCSB.

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